Analysis from a US bank (which must remain unnamed)
- Says that their preliminary estimate of month-end FX hedge rebalance flows points to greater than average USD selling being needed need this month.
- Says the average signal strength across all USD crosses measures 1.7 standard deviations and that signals of this magnitude have occurred only 5% of the time since 2004
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Meanwhile, the Asia session today is seeing USD buyers winning out, here is EUR/USD for example (the USD is up across the major FX board though):
